News Archive for April 2022

April 2022

May 2022 financial checklist

May 2022 Financial Checklist

A pinch and a punch for the first day of the month - it’s May! And with Mother’s Day, the end of the financial year and Taurus season all coming up, there’s a lot to get through.

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Savings accounts offering special rates for under 30s

Savings accounts offering special rates for under 30s

Are you under 35? You’re in luck, as it turns out that some banks offer special rates that apply to certain age brackets. When it comes to savings accounts, utilising whatever you can to get the best deal possible can be helpful in your wealth building journey.

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Rba could hike rates in may amid inflation surge

RBA could hike rates in May amid inflation surge

Data released today by the Australian Bureau of Statistics shows headline inflation rose to 5.1% over the last 12 months, confirming Australians' cost of living concerns and increasing the likelihood of a pre-election interest rate hike.

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10 smartphone apps to try in 2022

We’ve all heard about popular apps such as Duolingo, TikTok and Shazam but if you want to spice up your phone with some new apps, here are a few good suggestions!

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Simple vs compound interest what is the difference

Simple vs compound interest: What is the difference?

Interest is the cost of borrowing money, where a fee is paid to a lender in exchange for a loan. Interest is usually expressed as a percentage, known as an interest rate.  For example, if you’re taking out a loan from the bank, they will add the interest (which is calculated over a set period of time) to the overall loan amount until you pay it all back. This is how the bank makes money.However, interest can also work in your favour, as in the case of savings accounts and term deposits. With these you are essentially lending money to the bank, who will pay you the interest you accrue after a set period of time. In both of these cases, the type of interest charged can be simple or compounded interest. So, what are the differences? Which is better? Is there even a better option? Moreover, how can you calculate the interest you’ll pay or receive? Let’s find out:

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Australians spend big on travel and leisure despite rising inflation

Australians spend big on travel and leisure, despite rising inflation

The first third of 2022 has been difficult, seeing unprecedented weather, a geopolitical crisis leading to global inflation and the residual impacts of the pandemic. Despite the real financial impacts of these troubles, Citi Australia’s debit and credit card spending data shows that Aussie consumers are looking to return to the pre-pandemic normal.

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How to invest in etfs

How to invest in ETFs

If you’ve been within an inch of a conversation about investing in the last few years, you might’ve heard the term ‘exchange-traded funds’ thrown about.

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Online shopping

4 online shopping sales to check out this autumn

Looking to update your winter wardrobe ahead of the cooler seasons? Now may be a good time to start shopping, with various companies offering significant sales on a range of products including clothing, shoes and accessories. Mozo has reviewed and chosen a couple of the best sales available, readying you for a stylish transition into the cooler months.

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Online shopping

6 Amazon Smile Day bargains that will have you grinning ear to ear!

With Easter approaching fast, and the school holidays just around the corner as well, there are plenty of ways to save on gifts and deals ahead of the break with the Amazon Smile Day Sales. From outdoors and gardening essentials, to computers and electronic gadgets, these deals should put a smile on your dial!

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Banking to suit your lifestyle which type are you

Banking to suit your lifestyle: Which type are you?

You buy clothes that fit your personality, lifestyle and size, so shouldn’t you be choosing a bank account the same way? The goal being to search for one that most perfectly fits with your needs and life. Because one size does not fit all.

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Why investors pay more for home loans

Why do investors pay more for a home loan?

Investing in property has amazing benefits, from rental income and tax deductions to impressive capital gains. But even a casual browse of home loans reveals that investors tend to get saddled with higher interest rates than owner-occupiers. What gives?

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Do my rewards points expire when my credit card does

Do my rewards points expire when my credit card does?

If you’ve built up a decent amount of credit card rewards points, you’ll want to make sure you get to use them. Each credit card offers a different rewards system - with some cards allowing you to automatically earn Qantas Points, while other companies have their own points systems where you can earn points and later convert them into rewards - such as frequent flyer points.

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Family finances

5 ways to save as the cost of living continues to climb

Cost of living got you down? Fear not friends, we at Mozo are here to help. No need to sweat the small stuff, or the large either! Home loan repayments can stack up, so can your grocery and home internet bills, plus not to mention your ongoing insurance premiums for the car or home. Living comes with lots of costs but they needn't get you bogged down!

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Reserve bank interest rates

RBA abandons patient stance in post-budget meeting

The Reserve Bank of Australia is looking to keep a low profile ahead of the May federal election, but it has given the strongest signal yet that its pandemic-era stimulus will be dialled back in the coming months.

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